Latest news with #financialscam
CBS News
16-07-2025
- CBS News
Port Huron police phone number spoofed during financial scam attempt
Someone attempted to enact a financial scam by spoofing the phone number to the Port Huron (Michigan) Police Department – resulting in officers issuing an alert to area residents about the circumstances. The report was issued Tuesday after someone told police that a suspicious caller attempted to scam his elderly mother out of a large sum of money. "To make matters worse, the scammer "spoofed" our department's main phone number — making it appear as though the call was legitimately from us. Thankfully, the family quickly realized something wasn't right and no money was sent," Port Huron police said in their report. "Let us be very clear: The Port Huron Police Department will NEVER call you and demand money or gift cards over the phone. These types of calls are scams — no matter how official they sound or what number shows up on your caller ID." Area residents are asked to be aware that these calls have been attempted, and let family and friends know to avoid being taken in by such a scam. Those who get a phone call falsely claiming to be from Port Huron police should hang up and call the police department directly at 810-984-8415 to report it. The Michigan Attorney General's office also shares information about common signs of financial scams and what to do in response.
CBS News
26-06-2025
- CBS News
Elder fraud case in Maryland prompts warning from Harford County law enforcement
The Harford County Sheriff's Office issued a warning after an 87-year-old Maryland woman was scammed out of tens of thousands of dollars. "It's one of the things, unfortunately, we deal with on a regular basis," said Colonel William Davis with the Harford County Sheriff's Office. In fact, according to the FBI, elder fraud was up 14% in 2023. Arrests in Maryland elder fraud case Unlike most elder fraud incidents, two people are facing charges for the case in Bel Air. "A lot of times, these scammers are overseas and they're dealing with actual codes that are on the back of gift cards and things like that, and they're never actually here," Col. Davis said. "This scam happened to be where they physically are here and came and took cash, so it made it easier for us to come and catch them." Chongsong Chen, 48, and Wei Hua Wang, 71, both of New York, were charged with theft and theft scheme. Chongsong Chen, 48, and Wei Hua Wang, 71, both of New York, were charged with theft and theft scheme after a Harford County woman was scammed. Harford County Sheriff's Office Col. Davis said the alleged thieves sent a pop-up to the woman's computer, warning that her bank accounts were compromised. The alert demanded $18,000 to fix the issue. "These scammers had convinced her to go to the bank, get money, take pictures of her getting the money, take pictures of the money, package it a certain way, and they would come to the house. They even used a code word so she would think it was the right person she was giving the money to," said Col. Davis. When the thieves allegedly demanded an additional $15,000, the woman called the sheriff's office. When the two men showed up to pick up the cash the next day, authorities were there waiting for them. Avoiding elder fraud According to the FBI, these types of scams caused over $3.4 billion in losses in 2023. "They don't keep up with technology and they don't understand how things were with bitcoin and the internet and social media and all of those things, because they just don't care, so they're not keeping up with it. So people are taking advantage of that and make them believe that what they're being told is true," Col. Davis said. Fortunately for this woman, she was able to get some money back, and officials are working to recover more. But officials are warning people that if something seems off, it probably is. Anyone asking for cash, bitcoin, gift cards or wire transfers over the internet is likely a scammer. The Harford County Sheriff's Office also believes there are likely more victims of these alleged thieves in the area, and urges anyone who thinks they may have been targeted to give them a call.
Mail & Guardian
17-06-2025
- Business
- Mail & Guardian
Financial sector watchdog sounds alarm on deep-fake scams
The Financial Sector Conduct Authority has warned consumers to be wary of using financial platforms that feature deep-fake images and videos of high-profile people The Financial Sector Conduct Authority (FSCA) has warned consumers to be wary of using financial platforms that feature deep-fake images and videos of high-profile people, including President Cyril Ramaphosa and business mogul Patrice Motsepe, to punt their products to unwitting investors. The financial watchdog issued the public warning without naming the specific platforms it said were using 'The It had learned that the platforms might be providing financial services to the public without authorisation, with investors, for example, offered 'unrealistic' returns of between R13 000 and R17 000 a day, on an investment of R4 500. 'In one of the deep-fake videos, Dr Motsepe is seen promoting the investments offered via the investment platform and Mr Mashatile is seen confirming that the platform is authorised and that investors will receive returns. In another video Mr Ramaphosa is seen promoting investments and guaranteed returns,' the FSCA said. 'It must be noted that the individuals behind the platforms are not authorised in terms of any financial sector law to provide financial services to the public. The individuals behind the platforms failed to respond to FSCA queries.' It said to avoid risk, members of the public should refrain from accepting financial advice and assistance, and investment offers, from individuals or entities not authorised by the FSCA. 'Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments,' it said. The FSCA urged consumers to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers. Before investing, consumers should verify whether an entity or individual is authorised by the authority to provide financial products and services and to give advice about how to invest, it added. The watchdog said it was also important to verify what category of advice a person is registered to provide, as there are instances where companies or people are registered to provide basic advice for a low-risk product and then offer advice on far more complex and risky products. In addition, it was vital to check that the financial service provider (FSP) number advertised or used by an entity or individual offering financial services matches the name of the FSP on the FSCA database. Consumers can confirm the status and FSP number of a service provider or a person that claims to be an authorised service provider by calling 0800 110 443 (toll free) or by conducting an online search for authorised financial institutions by license category on the FSCA website
